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Gold/Mining/Energy : Lundin Oil (LOILY, LOILB Sweden) -- Ignore unavailable to you. Want to Upgrade?

To: Alan Greenspan who wrote (685)	8/2/1998 8:10:00 PM
From: Tomas	Respond to of 2742

The Falklands: From Lasmo's 1998 Interim Results In May, operators in the Falkland Islands commenced the first drilling program offshore the Islands. LASMO drilled the second well in the program and, although identifying reservoir quality rocks, well 14/13-1 did not find hydrocarbons. Coupled with the residual oil shows encountered by the first well drilled, LASMO continues to believe that the region has the potential to hold commercial hydrocarbon reserves. The Company will monitor industry drilling results during the remainder of 1998, before taking a view on further investment in the province. lasmo.com

To: Alan Greenspan who wrote (685)	8/3/1998 11:07:00 PM
From: Tomas	Read Replies (1) \| Respond to of 2742

Papua New Guinea: Gas pipeline moves closer. PNG signs gas pipeline deal Post-Courier and The National (Port Moresby), Tuesday 4th August CANBERRA: A $A3.1 billion gas pipeline linking Queensland with Papua New Guinea (PNG) moved another step closer with the signing of a memorandum of understanding between Australia and PNG. PNG Prime Minister Bill Skate, who witnessed the signing in Canberra, said the pipeline would be laid across Torres Strait to the rich gasfields in PNG's Southern Highlands. "At the Australian end it is intended to power an aluminium processing plant at Gladstone and an electricity station in Townsville," he told journalists at a joint news conference with Australian Prime Minister John Howard after the signing. "Not only is the proposal likely to involve expenditures of several billion Kina, and up to 3000 jobs during construction, but it demonstrates both reality and the potential of interdependence." A consortium of companies led by Chevron is planning to develop gas production in the Southern Highlands, then pipe it to Torres Strait where the gas will be processed and the liquid petroleum gas (LPG) and condensate extracted. A pipeline across Torres Strait and down the Cape York Peninsula will then carry the gas to a proposed $A500 million power station in Townsville and Comalco's proposed $A1.4 billion alumina refinery at Gladstone. Mr Skate said he wanted to make sure the pipeline did not just benefit Australian investors and industry. "My government would like to ensure that the benefits of this project are shared," he said. "We are especially concerned that the tax arrangements are designed and arranged in accordance with the best international practice and we should also like to see maximum opportunities to employ and train semi-skilled Papua New Guineans. "Clearly in this project our two nations will be joined together in a common endeavor." Mr Howard said the pipeline proposal was a massive project with enormous benefits to both countries. "That represents, if it comes to fruition, a total investment of $A3.1 billion and that will generate a large number of jobs in both countries," he said. PNG Minister for Petroleum and Energy, Sir Rabbie Namaliu, who signed the memorandum with Australian Resources and Energy Minister Warwick Parer, said the project would create 2500 jobs during the construction phase and 50 permanent jobs when completed in 2001. He said a further 150 people would be employed at the LPG extraction facility on the Gulf of Papua. Senator Parer said the pipeline would create more than 5000 jobs in regional Queensland. "The PNG gas project has the potential to support a number of major development projects in north and central Queensland as well as contributing more generally to a more competitive gas market in eastern Australia," Senator Parer said in a statement. Senator Parer said the pipeline could also supply cities such as Bowen, Mackay and Cairns, and mining communities such as Weipa. Sir Rabbie and Mr Skate will visit Brisbane and Gladstone tomorrow to discuss the pipeline with investors and the Queensland government. - AAP 203.22.79.35 and wr.com.au